Financial wellbeing at work
At WEALTH at work, we know that financial wellbeing is not a phase, a fad or an HR box-ticking exercise. It’s fundamental to a company’s employee value proposition, creating a positive employee experience.
What does good financial wellbeing look like?
Employees who feel confident and in control of their financial future – being savvy with their salary, empowered to manage any debt and are prepared for emergency expenses.
Employees’ financial concerns
An ‘Opinion Matters’ survey of over 2,000 UK workers, conducted for WEALTH at work, uncovered some startling statistics that support the need for positive and actionable change.
As a result of this, 38% have increased levels of stress, whilst 33% experience mental exhaustion, which has led to over a quarter of respondents exhibiting a decrease in motivation at work and a 9% increase in absenteeism.
More worrying still is that only 9% would seek help from you, the employer! It is therefore incumbent on all of us to improve the financial education provision, instil confidence and mitigate unwise financial decisions at the source.
Opinion Matters survey and WEALTH at work research March 2024.
Social value
The benefits of a financial wellbeing platform like Money&Me are in the engaging nature of the user experience. The benefits are measurable aligned with the following metrics:
Colleagues can become financially resilient, confident and more empowered
The ability to develop and embed good long term money behaviours
Potential to reduce days lost at work due to absenteeism and/or illness caused by financial worries
Improved productivity and engagement with the organisation
Greater education and competence in specific areas of interest
Better financial awareness, allowing colleagues to take positive personal action
UK employers lose £51 billion each year to poor workplace mental health
Deloitte – Mental Health Report, 2024
